I recently picked up a 1982 Trek 720. The paint job is in very good shape for an old bike but I want to get on top of any potential rust issues. My current plan is to deal with the problem on the inside and out. This is what I'm thinking of doing but I figure people have more experience with this than I do so I'd love to hear your ideas.

(1) I'm planning to use JP Weigle rust saver for the inside. Is there a better product to use and what is it?

(2) Some of the threaded bits have some rust. I was thinking of buying the right tap (not a bad thing to own) to chase the threads and then install a stainless fastner with some grease to keep the elements out. Is there a better way to deal with rust on the various threaded bit?

(3) The frame has a few rust spots and a few spots with missing paint. I plan to use a fine sand paper to deal with the rust and then paint over the spots. I'm touring on this bike so I want a tough, long-lasting solution. I'm thinking of using a white rustoleum for a base and then finding a close color match--probably a model paint--to go over the white. I don't care if it looks perfect; I just want to deal with the rust and have it look reasonably good. Is this a good way to deal with the minor rust issues and missing paint or is there a better way to deal with this?

I've never gone to this much trouble in dealing with an old frame but I want to give this long lasting protection since it will be spending a considerable amount of time outside.